Elon Musk's X to Launch In-App Payment Services by Mid-2024

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His current business, X (previously known as Twitter), is expanding into new regions with the projected debut of in-app payment services by the middle of 2024. Elon Musk, the brilliant mind behind firms such as SpaceX and Tesla, is pushing his latest endeavour into new territory. This action is considered to be a component of Musk's master plan to convert X into a «everything app,» a notion that has garnered a great deal of attention and discussion because of its potential.

In a chat that took place on December 21 with Cathie Wood of ARK Invest, Musk provided specifics about his ambitions for X. He said that he is optimistic that a payment mechanism would be completely included into the platform by the middle of the next year. However, the success of this ambitious plan is contingent upon the acceptance of several applications for money transmitter licences. Musk acknowledges that the implementation of this process has been delayed down by the processes of the bureaucracy.

Although it is well known that Musk has a certain fondness for cryptocurrencies, particularly Dogecoin (DOGE) and Bitcoin (BTC), his current emphasis for X's payment services seems to be less oriented towards the incorporation of cryptocurrencies. Musk's businesses, such as Tesla and The Boring Company, have shown in the past that they are willing to take cryptocurrency. Approximately 148 million dollars worth of Bitcoin is still held by Tesla, and the company also enables consumers to pay for items using Dogecoin. Additionally, in the year 2022, The Boring Company started taking Dogecoin as payment for trips on their public transportation system in Las Vegas.

Nevertheless, Musk recently downplayed his interest in digital assets by saying, «I don't